{"id":833094,"date":"2022-11-08T06:03:47","date_gmt":"2022-11-08T05:03:47","guid":{"rendered":"https:\/\/bebeez.it\/non-categorizzato\/the-manitowoc-company-reports-third-quarter-2022-results\/"},"modified":"2022-11-08T06:03:47","modified_gmt":"2022-11-08T05:03:47","slug":"the-manitowoc-company-reports-third-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/the-manitowoc-company-reports-third-quarter-2022-results\/","title":{"rendered":"The Manitowoc Company Reports Third-Quarter 2022 Results"},"content":{"rendered":"

\nThird-Quarter 2022 Highlights<\/span>\n<\/p>\n

<\/a>
\nNet sales of $454.7 million, up 12.4% year-over-year<\/p>\n

Net income of $2.3 million, $3.4 million on an adjusted basis<\/p>\n

Backlog of $943.4 million, up 5.9% year-over-year<\/p>\n

MILWAUKEE–(BUSINESS WIRE)–The Manitowoc Company, Inc. (NYSE: MTW), (the \u201cCompany\u201d or \u201cManitowoc\u201d) a leading global manufacturer of cranes and lifting solutions, today reported third-quarter net income of $2.3 million, or $0.07 per diluted share. Third-quarter adjusted net income(1) was $3.4 million, or $0.10 per diluted share.\n<\/p>\n

\nNet sales in the third-quarter increased 12.4% year-over-year to $454.7 million and were unfavorably impacted by $31.6 million from changes in foreign currency exchange rates. Adjusted EBITDA(1) was $24.0 million, an increase of $4.0 million from the prior year.\n<\/p>\n

\nThird-quarter orders were $472.0 million, a 12.7% decrease from the prior year. Orders were unfavorably impacted by $24.4 million from changes in foreign currency exchange rates. Backlog ended the third-quarter at $943.4 million and was unfavorably impacted by $65.7 million from changes in foreign currency exchange rates.\n<\/p>\n

\n\u201cI am very proud of the efforts put forth by our team in the third-quarter. The team performed well in the face of persistent supply chain disruptions and continued inflationary pressure,\u201d said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.\n<\/p>\n

\n\u201cLooking to the fourth-quarter, we expect these headwinds to continue. Nevertheless, given our elevated shippable backlog combined with the volume of nearly finished cranes that carried over from the third-quarter, we continue to target the low-end of our Adjusted EBITDA guidance for 2022. Despite the challenging near-term outlook, we remain committed to supporting our customers while executing our Cranes+50 strategy,” concluded Ravenscroft.\n<\/p>\n

\nInvestor Conference Call\n<\/p>\n

\nThe Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its third-quarter earnings results on Tuesday, November 8, 2022, at 10:00 a.m. ET (9:00 a.m. CT). A live audio webcast of the call, along with the related presentation, published in conjunction with this press release, can be accessed in the Investor Relations section of Manitowoc\u2019s website at www.manitowoc.com<\/a>. A replay of the conference call will also be available at the same location on the website.\n<\/p>\n

\nAbout The Manitowoc Company, Inc.\n<\/p>\n

\nThe Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world’s leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.\n<\/p>\n

\nFootnote\n<\/p>\n

\n(1)Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted operating income, and free cash flows are financial measures that are not in accordance with U.S. GAAP. For definitions and a reconciliation to the most comparable U.S. GAAP numbers, please see the schedule of \u201cNon-GAAP Financial Measures\u201d at the end of this press release.\n<\/p>\n

\nForward-looking Statements\n<\/p>\n

\nThis press release includes \u201cforward-looking statements\u201d intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as \u201cintends,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201ctargets,\u201d \u201cestimates,\u201d and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:\n<\/p>\n

The negative impacts COVID-19 has had and will continue to have on Manitowoc\u2019s business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);<\/p>\n

actions of competitors;<\/p>\n

changes in raw material and commodity prices;<\/p>\n

changes in economic or industry conditions generally or in the markets served by Manitowoc;<\/p>\n

unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies, and changes in demand for used lifting equipment;<\/p>\n

geo-political events, including the ongoing conflict between Russia and Ukraine, has had and may continue to lead to market disruptions, including significant volatility in commodity prices (including oil and gas), energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets and result in higher than expected charges to curtail the Company’s operations in Russia;<\/p>\n

failure to comply with regulatory requirements related to the products the Company sells;<\/p>\n

the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc\u2019s long-term initiatives;<\/p>\n

the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures, or other significant transactions;<\/p>\n

unanticipated changes in revenues, margins, and costs;<\/p>\n

geographic factors and political and economic conditions and risks;<\/p>\n

the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;<\/p>\n

risks and factors detailed in Manitowoc’s 2021 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.<\/p>\n

\nManitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company’s actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTHE MANITOWOC COMPANY, INC.\n<\/p>\n

\nUnaudited Consolidated Financial Information\n<\/p>\n

\nFor the three and nine months ended September 30, 2022 and 2021\n<\/p>\n

\n(In millions, except per share and share amounts)\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNine Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\nNet sales\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n454.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n404.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,410.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,222.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCost of sales\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n380.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n335.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1,162.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n994.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nGross profit\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n74.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n69.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n248.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n227.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating costs and expenses:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEngineering, selling and administrative expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n65.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n59.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n201.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n181.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAsset impairment expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of intangible assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nRestructuring (income) expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\nTotal operating costs and expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n66.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n61.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n204.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n183.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n44.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther expense:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInterest expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(23.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(21.5\n<\/p>\n

\n)\n<\/p>\n

\nAmortization of deferred financing fees\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.1\n<\/p>\n

\n)\n<\/p>\n

\nOther income (expense) – net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.2\n<\/p>\n

\n)\n<\/p>\n

\nTotal other expense – net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(5.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(23.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(22.8\n<\/p>\n

\n)\n<\/p>\n

\nIncome (loss) before income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n19.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n21.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProvision (benefit) for income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n2.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n20.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n14.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nPer Share Data and Share Amounts\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nBasic net income (loss) per common share\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.07\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.01\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.58\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.42\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDiluted net income (loss) per common share\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.07\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.01\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.58\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.41\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nWeighted average shares outstanding – basic\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,181,262\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,029,175\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,199,221\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n34,914,989\n<\/p>\n

\n\u00a0\n<\/p>\n

\nWeighted average shares outstanding – diluted\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,374,194\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,029,175\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,470,301\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35,555,077\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTHE MANITOWOC COMPANY, INC.\n<\/p>\n

\nUnaudited Consolidated Financial Information\n<\/p>\n

\nAs of September 30, 2022 and December 31, 2021\n<\/p>\n

\n(In millions, except par value and share amounts)\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCONDENSED CONSOLIDATED BALANCE SHEETS\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nSeptember 30, 2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDecember 31, 2021\n<\/p>\n

\nAssets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCurrent Assets:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCash and cash equivalents\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n42.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n75.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccounts receivable, less allowances of $5.7 and $7.3, respectively\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n210.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n236.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInventories \u2014 net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n672.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n576.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNotes receivable \u2014 net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n11.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n31.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n36.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n968.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n941.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProperty, plant and equipment \u2014 net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n312.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n358.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating lease right-of-use assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n32.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n40.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nGoodwill\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n245.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n249.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther intangible assets \u2014 net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n127.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n139.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther non-current assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n35.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n44.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,721.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,775.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLiabilities and Stockholders’ Equity\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCurrent Liabilities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccounts payable and accrued expenses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n425.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n413.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nShort-term borrowings and current portion of long-term debt\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProduct warranties\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n48.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n49.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCustomer advances\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n28.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n28.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n20.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n531.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n521.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNon-Current Liabilities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLong-term debt\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n403.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n399.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating lease liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDeferred income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nPension obligations\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n65.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n69.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nPostretirement health and other benefit obligations\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n11.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLong-term deferred revenue\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther non-current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n34.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n51.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal non-current liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n559.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n591.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nStockholders’ Equity:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nPreferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCommon stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,184,553\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nand 35,056,252 shares outstanding, respectively)\n<\/p>\n

\n0.4\n<\/p>\n

\n0.4\n<\/p>\n

\nAdditional paid-in capital\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n604.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n602.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccumulated other comprehensive loss\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(157.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(102.4\n<\/p>\n

\n)\n<\/p>\n

\nRetained earnings\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n248.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n227.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTreasury stock, at cost (5,609,430 and 5,737,731 shares, respectively)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(64.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(65.9\n<\/p>\n

\n)\n<\/p>\n

\nTotal stockholders’ equity\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n630.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n662.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTotal liabilities and stockholders’ equity\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,721.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1,775.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTHE MANITOWOC COMPANY, INC.\n<\/p>\n

\nUnaudited Consolidated Financial Information\n<\/p>\n

\nFor the three and nine months ended September 30, 2022 and 2021\n<\/p>\n

\n(In millions)\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNine Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\nCash Flows from Operating Activities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n2.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n20.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n14.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjustments to reconcile net income (loss) to cash provided\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nby (used for) operating activities:\n<\/p>\n

\nDepreciation\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n14.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n46.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAsset impairment expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of intangible assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nStock-based compensation expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n5.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of deferred financing fees\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nLoss (gain) on sale of property, plant and equipment\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\nNet unrealized foreign currency transaction losses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nIncome tax benefit from change in reserve of\n<\/p>\n

\u00a0<\/p>\n

\nuncertain tax positions\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(11.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDeferred income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nChanges in operating assets and liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccounts receivable\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n17.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n10.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n13.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInventories\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(26.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(32.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(136.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(94.4\n<\/p>\n

\n)\n<\/p>\n

\nNotes receivable\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(4.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\nOther assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n12.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(10.3\n<\/p>\n

\n)\n<\/p>\n

\nAccounts payable\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(21.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n39.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n77.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAccrued expenses and other liabilities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n18.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n24.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet cash provided by (used for) operating activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n18.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n68.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCash Flows from Investing Activities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCapital expenditures\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(15.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(31.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(22.3\n<\/p>\n

\n)\n<\/p>\n

\nProceeds from sale of property, plant and equipment\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAcquisition of businesses\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(50.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(50.9\n<\/p>\n

\n)\n<\/p>\n

\nNet cash used for investing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(14.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(57.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(28.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(73.1\n<\/p>\n

\n)\n<\/p>\n

\nCash Flows from Financing Activities:\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProceeds from revolving credit facility – net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n24.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n100.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n100.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther debt – net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(4.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.4\n<\/p>\n

\n)\n<\/p>\n

\nDebt issuance and other debt related costs\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nExercise of stock options\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n5.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCommon stock repurchases\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet cash provided by (used for) financing activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n105.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n102.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEffect of exchange rate changes on cash and cash equivalents\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.8\n<\/p>\n

\n)\n<\/p>\n

\nNet increase (decrease) in cash and cash equivalents\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n63.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(32.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n93.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCash and cash equivalents at beginning of period\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n42.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n158.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n75.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n128.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCash and cash equivalents at end of period\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n42.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n222.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n42.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n222.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNon-GAAP Financial Measures\n<\/p>\n

\nAdjusted net income, Adjusted DEPS, EBITDA, adjusted EBITDA, adjusted operating income, and free cash flows are financial measures that are not in accordance with U.S. GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance.\n<\/p>\n

\nAdjusted Net Income and Adjusted DEPS\n<\/p>\n

\nThe Company defines adjusted net income as net income (loss) plus the addback or subtraction of restructuring and certain other charges. Adjusted DEPS is defined as adjusted net income divided by diluted weighted average shares outstanding. The reconciliation of net income (loss) and diluted net income (loss) per share to adjusted net income and Adjusted DEPS for the three and nine months ended September 30, 2022 and 2021 are summarized as follows. All dollar amounts are in millions, except per share data.\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAs reported\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjustments\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAs reported\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjustments\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted\n<\/p>\n

\nGross profit (1)<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n74.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n75.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n69.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n69.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEngineering, selling and administrative\n<\/p>\n

\u00a0<\/p>\n

\nexpenses (2)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(65.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(65.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(59.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(58.8\n<\/p>\n

\n)\n<\/p>\n

\nAsset impairment expense(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of intangible assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\nRestructuring income (expense) (4)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInterest expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.1\n<\/p>\n

\n)\n<\/p>\n

\nAmortization of deferred financing fees\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\nOther income (expense) – net\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\nIncome (loss) before income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nBenefit for income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n2.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n1.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n3.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n2.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDiluted net income (loss) per share\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.07\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.10\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.01\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.06\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1)\n<\/p>\n

\nThe adjustment in 2022 represents fair value step up of rental fleet assets sold during the period that was expensed within cost of sales.\n<\/p>\n

\n(2)\n<\/p>\n

\nThe adjustment in 2021 represents one-time acquisition related costs.\n<\/p>\n

\n(3)\n<\/p>\n

\nThe adjustment in 2021 represents a write-down of one of the Company\u2019s Brazilian entities to its expected sale price.\n<\/p>\n

\n(4)\n<\/p>\n

\nRepresents adjustments for restructuring income (expense).\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNine Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAs reported\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjustments\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAs reported\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjustments\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted\n<\/p>\n

\nGross profit (1)<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n248.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n3.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n251.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n227.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n227.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEngineering, selling and administrative\n<\/p>\n

\u00a0<\/p>\n

\nexpenses (2)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(201.6\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(4.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(205.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(181.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n5.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(175.5\n<\/p>\n

\n)\n<\/p>\n

\nAsset impairment expense(3)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of intangible assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(2.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(2.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.7\n<\/p>\n

\n)\n<\/p>\n

\nRestructuring income (expense) (4)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOperating income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n44.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n51.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInterest expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(23.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(23.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(21.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(21.5\n<\/p>\n

\n)\n<\/p>\n

\nAmortization of deferred financing fees\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.1\n<\/p>\n

\n)\n<\/p>\n

\nOther income (expense) – net (5)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\nIncome before income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n19.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n19.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n21.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(Provision) benefit for income taxes (6)<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(7.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(8.2\n<\/p>\n

\n)\n<\/p>\n

\nNet income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n20.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(8.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n11.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n14.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n6.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n21.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDiluted net income per share\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.58\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.33\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.41\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n0.60\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1)\n<\/p>\n

\nThe adjustment in 2022 represents fair value step up of rental fleet assets sold during the period that was expensed within cost of sales and other one-time costs associated with the acquired businesses.\n<\/p>\n

\n(2)\n<\/p>\n

\nThe adjustment in 2022 represents one-time costs associated with the acquired businesses, the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture, and other one-time charges. The adjustment in 2021 represents the addback of a loss from the write-off of a long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture and one-time acquisition related costs.\n<\/p>\n

\n(3)\n<\/p>\n

\nThe adjustment in 2021 represents a write-down of one of the Company\u2019s Brazilian entities to its expected sale price.\n<\/p>\n

\n(4)\n<\/p>\n

\nRepresents adjustments for restructuring income (expense).\n<\/p>\n

\n(5)\n<\/p>\n

\nThe adjustment in 2022 represents the write-off of other debt related costs. The adjustment in 2021 represents costs associated with a legal matter.\n<\/p>\n

\n(6)\n<\/p>\n

\nThe adjustment in 2022 represents the net income tax impacts of items (1), (2), (4), and (5), the removal of an income tax benefit related to the release of a U.S. Federal uncertain tax position, and establishment of a valuation allowance due to the Company’s curtailment of operations in Russia. The adjustment in 2021 represents the net income tax impact of items (2), (3), (4) and (5).\n<\/p>\n

\nFree Cash Flows\n<\/p>\n

\nThe Company defines free cash flows as net cash provided by (used for) operating activities less cash flow from investment in capital expenditures. The reconciliation of net cash provided by (used for) operating activities to free cash flows for the three and nine months ended September 30, 2022 and 2021 are summarized as follows. All dollar amounts are in millions.\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNine Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\nNet cash provided by (used for) operating activities\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(6.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n18.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n68.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nCapital expenditures\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(15.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(6.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(31.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(22.3\n<\/p>\n

\n)\n<\/p>\n

\nFree cash flows\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(21.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n11.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(32.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n45.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEBITDA, Adjusted EBITDA, and Adjusted Operating Income\n<\/p>\n

\nThe Company defines EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring, other income (expense), and certain other charges. The Company defines adjusted operating income as operating income plus the addback or subtraction of restructuring and certain other charges. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA and to adjusted operating income and operating income for the three and nine months ended September 30, 2022 and 2021 and trailing twelve months, are summarized as follows. All dollar amounts are in millions.\n<\/p>\n

\n\u00a0\n<\/p>\n

\nThree Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\nNine Months Ended
\n
September 30,\n<\/p>\n

\n\u00a0\n<\/p>\n

\nTrailing Twelve\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2022\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2021\n<\/p>\n

\n\u00a0\n<\/p>\n

\nMonths\n<\/p>\n

\nNet income (loss)\n<\/p>\n

\n$\n<\/p>\n

\n2.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n(0.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n20.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n14.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n16.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\nInterest expense and amortization of deferred\n<\/p>\n

\u00a0<\/p>\n

\nfinancing fees\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n24.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n22.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n32.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nProvision (benefit) for income taxes\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.3\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(2.1\n<\/p>\n

\n)\n<\/p>\n

\nDepreciation expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n14.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n46.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n29.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n62.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAmortization of intangible assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nEBITDA\n<\/p>\n

\n\u00a0\n<\/p>\n

\n25.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n16.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n92.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n74.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n112.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\nRestructuring (income) expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\nAsset impairment expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther non-recurring charges (1)<\/p>\n

\n\u00a0\n<\/p>\n

\n1.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n5.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n15.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther (income) expense – net (2)<\/p>\n

\n\u00a0\n<\/p>\n

\n(2.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.9\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.2\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.6\n<\/p>\n

\n)\n<\/p>\n

\nAdjusted EBITDA\n<\/p>\n

\n\u00a0\n<\/p>\n

\n24.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n20.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n91.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n81.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n125.8\n<\/p>\n

\n\u00a0\n<\/p>\n

\nDepreciation expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(14.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(9.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(46.2\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(29.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(62.2\n<\/p>\n

\n)\n<\/p>\n

\nAmortization of intangible assets\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.8\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(2.4\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.7\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(3.1\n<\/p>\n

\n)\n<\/p>\n

\nAdjusted operating income\n<\/p>\n

\n\u00a0\n<\/p>\n

\n8.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n9.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n43.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n51.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n60.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\nRestructuring (income) expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.1\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.4\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n0.1\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAsset impairment expense\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u2014\n<\/p>\n

\n\u00a0\n<\/p>\n

\nOther non-recurring charges (1)<\/p>\n

\n\u00a0\n<\/p>\n

\n(1.0\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(0.9\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(5.5\n<\/p>\n

\n)\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n(15.3\n<\/p>\n

\n)\n<\/p>\n

\nOperating income\n<\/p>\n

\n$\n<\/p>\n

\n7.6\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n7.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n43.5\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n44.7\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n$\n<\/p>\n

\n45.3\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\nAdjusted EBITDA margin percentage\n<\/p>\n

\n\u00a0\n<\/p>\n

\n5.3\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4.9\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.5\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.7\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n6.6\n<\/p>\n

\n%\n<\/p>\n

\nAdjusted operating income margin percentage\n<\/p>\n

\n\u00a0\n<\/p>\n

\n1.9\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n2.4\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3.0\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n4.2\n<\/p>\n

\n%\n<\/p>\n

\n\u00a0\n<\/p>\n

\n\u00a0\n<\/p>\n

\n3.2\n<\/p>\n

\n%\n<\/p>\n

\n(1)\n<\/p>\n

\nOther non-recurring charges for the three months ended September 30, 2022 relate to the fair value step up on rental fleet assets sold during the period that was expensed within cost of sales. Other non-recurring charges for the nine months ended September 30, 2022 relate to the fair value step up on rental fleet assets sold during the period that was expensed within cost of sales, one-time costs associated with the acquired businesses, income from the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture and other one-time charges. Other non-recurring charges for the three months ended September 30, 2021 relate to acquisition costs. Other non-recurring charges for the nine months ended September 30, 2021 relate to acquisition costs and a write off of a long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture. Other non-recurring charges for the trailing twelve months relate to the fair value step up on rental fleet assets sold during the period that was expensed within cost of sales, one-time costs associated with the acquired businesses, costs associated with a legal matter with the U.S. Environmental Protection Agency, income from the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture, and other one-time charges. Other non-recurring charges are included in cost of sales or engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations.\n<\/p>\n

\n(2)\n<\/p>\n

\nOther (income) expense – net includes net foreign currency (gains) losses, other components of net periodic pension costs, costs associated with legal matters, and other items in the three, nine, and trailing twelve months ended September 30, 2022 and the three and nine months ended September 30, 2021.\n<\/p>\n

Contacts <\/p>\n

\nIon Warner
\n
SVP, Marketing and Investor Relations
\n
+1 414-760-4805\n<\/p>\n

Read full story here <\/a><\/p>","protected":false},"excerpt":{"rendered":"

Third-Quarter 2022 Highlights Net sales of $454.7 million, up 12.4% year-over-year Net income of $2.3 million, $3.4 million on an adjusted basis Backlog of $943.4 million, up 5.9% year-over-year MILWAUKEE–(BUSINESS WIRE)–The Manitowoc Company, Inc. (NYSE: MTW), (the \u201cCompany\u201d or \u201cManitowoc\u201d) a leading global manufacturer of cranes and lifting solutions, today reported third-quarter net income of […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-833094","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nThe Manitowoc Company Reports Third-Quarter 2022 Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/the-manitowoc-company-reports-third-quarter-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Manitowoc Company Reports Third-Quarter 2022 Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"Third-Quarter 2022 Highlights Net sales of $454.7 million, up 12.4% year-over-year Net income of $2.3 million, $3.4 million on an adjusted basis Backlog of $943.4 million, up 5.9% year-over-year MILWAUKEE–(BUSINESS WIRE)–The Manitowoc Company, Inc. 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